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A risk-return association under normal market conditions can be conventional positive (risk-averse) or “paradoxical” negative (risk seeking). This study has the objective to investigate whether such an association is stable across market trends (i.e., bull and bear) and for overall, industry-classified and partitions sub-samples after controlling for a firm’s age, size, leverage and liquidity using operating performance risk-return measures. In total, this study analyses 2666 firms (1199 firms from 15 developed countries and 1467 firms from 12 emerging countries) for the period of 1999–2015. Results show that in the overall and bull sub-periods, firms across countries are showing conventional positive (superior firms) and “paradoxical” negative (poor firms) in most cases. However, in the bear sub-periods all firms from emerging countries are risk seeking in order to maintain their position in the pecking order.

Firm’s Risk-Return Association Facets and Prospect Theory Findings—An Emerging versus Developed Country Context